SEI Investments (NASDAQ:SEIC) Board Declares Share Buyback Program

SEI Investments (NASDAQ:SEIC) announced that its board has approved a stock buyback program on Tuesday, March 18th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization permits the asset manager to buy up to 5.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

SEI Investments Stock Performance

NASDAQ:SEIC traded down $0.01 during mid-day trading on Tuesday, hitting $74.95. 797,777 shares of the company’s stock traded hands, compared to its average volume of 599,384. The firm’s 50 day simple moving average is $80.99 and its 200 day simple moving average is $77.93. SEI Investments has a 1 year low of $62.38 and a 1 year high of $87.25. The company has a market cap of $9.51 billion, a PE ratio of 16.96, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94.

SEI Investments (NASDAQ:SEIC) last posted its earnings results on Wednesday, January 29th. The asset manager reported $1.19 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.02). SEI Investments had a net margin of 27.35% and a return on equity of 25.51%. On average, research analysts expect that SEI Investments will post 4.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Morgan Stanley raised their price objective on shares of SEI Investments from $75.00 to $80.00 and gave the company an “underweight” rating in a research note on Friday, January 3rd. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $90.00 price objective (up previously from $86.00) on shares of SEI Investments in a research note on Thursday, January 30th. Piper Sandler raised their price objective on shares of SEI Investments from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, December 23rd. Raymond James upgraded shares of SEI Investments from a “market perform” rating to an “outperform” rating and set a $99.00 price objective for the company in a research note on Thursday, January 30th. Finally, Oppenheimer raised their price objective on shares of SEI Investments from $85.00 to $94.00 and gave the company an “outperform” rating in a research note on Tuesday, January 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, SEI Investments presently has an average rating of “Hold” and a consensus price target of $90.00.

Insider Buying and Selling at SEI Investments

In other news, Chairman Alfred P. West, Jr. sold 1,372 shares of SEI Investments stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $76.28, for a total transaction of $104,656.16. Following the completion of the sale, the chairman now directly owns 7,078,708 shares in the company, valued at $539,963,846.24. The trade was a 0.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark Andrew Warner sold 5,000 shares of SEI Investments stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $80.39, for a total transaction of $401,950.00. Following the sale, the insider now owns 1,300 shares of the company’s stock, valued at approximately $104,507. This trade represents a 79.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 79,214 shares of company stock worth $6,293,903. 14.30% of the stock is owned by corporate insiders.

SEI Investments Company Profile

SEI Investments Company is a publicly owned asset management holding company. Through its subsidiaries, the firm provides wealth management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing solutions, financial services, and investment advisory services to its clients.